“This will be the most extravagant December in years. ‘Consumer sentiments are the best since 2020.'”
A decrease in inflation to 6.5%, a planned minimum wage increase starting from January, and generally better consumer mood suggest that we are heading towards a December where we won’t be holding on to our wallets. “We are facing the most extravagant month in years, but from an economic point of view, we must see this in a dual light: on one hand, the commerce needs a boost, which is the shining side of the coin. The darker side is the fact that an increase in consumption could again set us on the path of inflationary growth,” says Hanna Mojsiuk, President of the Northern Chamber of Commerce in Szczecin.
Inflation is going down, purchases are going up?
Inflation in Poland has been falling for months, and was expected to reach 6.5% in November. Although this is a positive trend, a decrease in prices in all sectors is not pervasive. In November, the consumer sentiment index in Poland was the best since the deep COVID-19 pandemic in the Fall of 2020, heralding an “extravagant December.”
“The new year is opening with a sense of anticipation for change, which is also a question of political situation. Better consumer sentiment in November could mean that we are facing the most extravagant December in years. Improved moods drive us to the market, to shop and invest,” says Prof. Justyna Osuch-Mallet, Dean of the West Pomeranian Business School. “We are buying more, but we’re also buying quality. We also see continued interest in tourism services, despite the winter season. The new year also brings a rise in the minimum wage. This is a blow for entrepreneurs, but another incentive for consumers to spend money,” Prof. Osuch-Mallet adds.
“The more stable we feel, the better we are as consumers”
As Hanna Mojsiuk, President of the Northern Chamber of Commerce in Szczecin, adds, the barometer of social and consumer mood depends on many factors: political and geopolitical situation, security in the workplace. Paradoxically, the last few months might have been the first time in over three years when we felt safer.
“The pandemic is no longer the most important social issue. Neither is the war in Ukraine. The inflation fell, and politics seem somehow more pleasant in recent weeks. This could be a factor that encourages us to spend more money, invest, and buy new things. The more stable we feel, the better consumers we are,” Mojsiuk claims.
“Certainly, society is more willing to open their wallets when moods are better. However, this does not change the fact that the recent years have taught us to save more. The domestic ‘show off, pawn off’ mentality is less and less common. Shopping, however, is about emotions. So it might also be the case that some will get caught up in the shopping frenzy. Each family’s situation is individual,” says business trainer and trade expert Anita Gałek.
